GBP/USD shows less reaction to latest Brexit headlines

  • GBP/USD remains on a back foot amid recent UK political news.
  • Rebel MPs readying for early-September action.
  • UK CPI, trade/political news in the spotlight.

 GBP/USD keeps taking the rounds to two-day long ascending support-line while trading near 1.2060 during Wednesday’s Asian session.

The Cable responded to the latest Brexit headlines with a cold heart as traders are cautious ahead of China’s key activity data for July after witnessing surprise increase in the previous month. Further to note, the quote earlier dropped after the mixed British jobs report and positive trade headlines.

Among the news, the UK’s Speaker of the House of Commons, John Bercow recently became a strong force against the Prime Minister (PM) Boris Johnson’s “do or die” pledge, as per The Telegraph. Mr. Bercow showed readiness to stop the no-deal Brexit by all means.

Additionally, ex-Chancellor Philip Hammond wrote a letter to the no10, as per The Sun, signed by 20 other members of the Parliaments (MPs), that shows the PM ruins chances of any deal with the EU. In response to it, some of the Brexiteers termed him as doing the EU’s negotiation for it.

Even if some of the key British lawmakers are preparing to challenge PM Johnson on September 06, poll results from ComRes survey recently showed that the Tory leader has public support for his Brexit pledge.

Moving on, the UK’s July month Consumer Price Index (CPI) and news concerning the US-China trade will be watched closely for near-term direction.

Technical Analysis

Thursday’s low near 1.2095 acts as an immediate resistance to aim for 1.2155 while pair’s downside beneath two-day long support-line, at 1.2055, can trigger fresh declines to 1.2015 and 1.2000 round-figure.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD trades around 1.1100 amid the Italian crisis, ahead of Fed minutes

EUR/USD is trading around 1.1100, in familiar ranges. Italian President Mattarella will explore if a new government can be formed after PM Conte resigned. The FOMC Minutes are eyed later in the day.


GBP/USD leans lower ahead of the Johnson-Merkel meeting

GBP/USD is trading below 1.2150, losing some ground. UK PM Johnson will meet German Chancellor Merkel in Berlin after the latter called for finding practical solutions on the Irish backstop.


USD/JPY: Bulls re-take 106.50 amid higher S&P futures, Treasury yields

Following a temporary reversal seen on Tuesday, the USD/JPY pair resumes the bullish momentum in Wednesday's Asian trading and regains the 106.50 level, tracking the gains in the US Treasury yields and S&P 500 futures. 


Gold rebounds above $1,500, remains stuck in tight range

After closing the previous day at $1,506, the XAU/USD pair edged lower on Wednesday as the recovering market sentiment made it difficult for the precious metal to find demand as a safe-haven.

Gold News

Top 3 Price Prediction Bitcoin, Ripple, Ethereum: Critical technical levels cryptos need to overcome after the summer slide

Late August is vacation time in the northern hemisphere – and cryptocurrency bulls may be at the beach as well. Tuesday's slide in prices lacks clear triggers and perhaps shows some fatigue or profit-taking.

Read more